MIDD Nasdaq Russell 1000 Earnings call
Middleby (MIDD) · Q2 2026 results and valuation
Share price: $136.10 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 11 Aug 2026 and 7 May 2026
Net income turned to a profit from a loss last quarter, guidance raised. Management sounded upbeat, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
Turned profit
Net income vs Q1 2026
Guidance raised
Net income 54.8M vs -50.1M
Revenue +4.2%
2 · How management spoke
Upbeat
More upbeat than 74% of company calls
Answers to analysts: typical, in line with the script.
Last call it was different: the answers were less upbeat than the script.
3 · What stood out
Figure
The company returned $1.3 billion to shareholders through repurchases during its business transformation in Q2 2026.
Valuation
Is Middleby undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2026-01-03), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At −7.4% growth a year (3-year revenue growth), the model's fair value is $43.98 a share — the stock trades 209% above it. Today's price assumes 3.1% growth a year.
Current price
$136.10
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+3.1% for 10 yrs
Fair value / share
$43.98
Buy below
$32.99
Price vs fair value
Overvalued >200%
Price vs buy-below price
Overvalued >200%
Read between the lines
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Guidance
Turning to its Q2 results for Commercial Foodservice, the quarter reflected strong execution against its strategy as Middleby delivered over 8%…
Source quote
“Turning to our Q2 results for Commercial Foodservice, the quarter reflected strong execution against our strategy as we delivered over 8%... We are confident in our ability to deliver against these targets. This marked the second consecutive quarter of organic sales growth in a challenging macro backdrop, a trend we expect to continue in the third and fourth quarters.”
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Guidance ↑
The company raised its revenue guidance expectations for the second half of the year due to current momentum.
Source quote
“This momentum gives us confidence to raise our revenue guidance expectations for the second half of the year.”
-
Fading
Organic sales growth is expected to continue through the third and fourth quarters despite a challenging macro backdrop.
Source quote
“We continue to plan to allocate a substantial portion of our free cash flow to repurchases this year. This is on top of the 9% reduction we achieved in 2025. But most importantly, we have a world-class team around the globe and across both segments, whose commitment and execution continue to drive our success.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“We are extremely well positioned with our leading brands best in class innovations and momentum in equipment categories that deliver the highest ROI for our customers.”
“Is a significant milestone and achievement in the history of our company.”
“MDF now as a standalone business is extremely well positioned as a best in class leader in the growing food processing equipment industry.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-07-04)
| Metric | Q2 2026period end 2026-07-04 | Q1 2026period end 2026-04-04 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 875.5M | 839.9M | +4.2% | 796.8M | +9.9% |
| Gross profit | 335.1M | 323.2M | +3.7% | 316.1M | +6.0% |
| Operating income | 147.7M | 133.4M | +10.8% | 147.8M | ±0% |
| Net income | 54.8M | -50.1M | Turned profit | 106.0M | −48.3% |
| EPS | 1.21 | -1.06 | Turned profit | 1.99 | −39.2% |
| P/E | 12-mo loss | 12-mo loss | — | 14.8 | — |
Topics
Most discussed now
- New Push outs
- MDF now as a standalone business is extremely well positioned as a best in class leader in the growing food...
- Middleby is very pleased with the strategic allocation of capital that it believes has delivered substantial value to its shareholders...
- Middleby now moves forward as a focused solutions provider and as the innovation leader in commercial food service.
- Selling a controlling stake in the residential kitchen business to 26 North.
Faded since Q1 2026
- Dropped Positive impacts were seen from general market, institutional and emerging customer segments with Middleby's chain business better than…
- Fading The separation will allow for focused execution across both companies with significant growth opportunities ahead.
- Fading As it relates to the inflationary costs that Middleby is recently seeing kind of in shipping and on the control side,...
- Fading As Middleby commented here in Q1, it still has some mix challenges that are impacting the margins, and it...
Latest announcements
Official filings, newest first.
- Regulation FD disclosure · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Results of operations · SEC 8-K
- Material agreement; Acquisition or disposal; Director or officer change; Regulation FD disclosure · SEC 8-K
- Regulation FD disclosure; Other events · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Director or officer change · SEC 8-K